Europe

Oldest Irish stockbroking firm suspended

Ireland's oldest stockbroking firm, Bloxham, has been suspended from the Irish Stock Exchange after reporting the discovery of financial irregularities.

The firm told the Central Bank of the irregularities on Thursday evening and said it no longer has sufficient capital to meet the requirements to carry on trade as a stockbroker.

The Central Bank then told Bloxham to cease all regulated activities, with immediate effect, on Friday evening.

All former private clients of Bloxham are now clients of Davy, with the exception of a less than 1% who have decided to make other arrangements.

The Central Bank said it will continue its own investigation into the financial irregularities at Bloxham.

A statement from Bloxham said that no client funds are involved or at risk from the discovery of issues in the internal finances of the firm.

The firm has asked a firm of forensic accountants to verify the position and assist in further investigations.

Bloxham Stockbrokers currently employs 70 staff.

The Irish Stock Exchange has confirmed that Bloxham is suspended as a member firm of the exchange.